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2018 Tax Returns deductions

IMPORTANT 2018 TAX RETURNS DEDUCTIONS Whilst much hasn't changed this 2017/18 tax year in amounts that can be claimed in work related deductions, there is a change implemented where any expenses claimed must be calculated prior, so an explanation can be provided when needed. You must be able to show how you calculated the claim.When completing your tax return, you're entitled to claim deductions for some expenses, most of which are directly related to earning your income...

June 22, 2018

Smart super strategies for this EOFY 2017/18

Smart super strategies for this EOFY 2017/18 1. Add to your super – and claim a tax deduction This financial year, there are new rules about who can claim a deduction for personal (after tax) contributions to super. In the past, you could only claim the deduction if you earned less than 10% of your income from employment. But from 1 July 2017, deductions for personal contributions can also be claimed by employees. 2. Get more from your salary or a bonus If you’re an employee, you may be able...

June 1, 2018

Budget 2018-19

2018 Federal Budget Analysis  Scott Morrison’s third budget is headlined by $140 billion in tax cuts over the next decade, immediate tax relief of up to $1,060 a year for middle-income households and a fundamental reform of the tax system.Key measures include:Low and middle income earners are to benefit from tax savings of up to $530 per person (or $1,060 per couple).The Medicare Levy will remain at 2%.The $20,000 instant asset write-off for business with aggregate turnover less than $10m...

May 23, 2018

5 ways to maximise your Individual Tax Return

1. Make sure you keep good records. Receipts are key in making claims on your tax return. Keeping track of expense receipts through the year will mean that you don't have to do a mad rush and set yourself up with a memory migraine once tax time hits. This doesn't have to be difficult or time consuming. Anybody with a smart phone can quickly take a screen shot of an online receipt of a photo of a paper receipt to keep a record. As long as your phone is regularly backed up these photo files ca...

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